Cyclerion rises on merger with Korsana Biosciences, $380 mln funding
Shares biotech firm Cyclerion Therapeutics CYCN.O rise 37.4% to $2.13 in premarket trading
Co says it will merge with private Korsana Biosciences, pivoting to treatments for Alzheimer’s, a brain disease that slowly destroys memory and thinking
CYFN says combined company will get $380 mln in private funding led by Fairmount and Venrock, enough to fund operations through 2029
Says Korsana’s lead experimental drug KRSA-028 is an antibody designed to slow Alzheimer’s by targeting toxic brain proteins
Says early testing in healthy volunteers is planned for mid‑2027, with initial patient data due later that year
Cyclerion shareholders to own about 1.5% of the new company, which will trade as Korsana Biosciences on Nasdaq under “KRSA”
As of last close, stock up ~22% YTD
